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Despite the new bailout agreement, Greece will continue to dominate headlines, but our attention is now drawn to the underlying problem of growth.

Yesterday was notable for several reasons but no doubt it will be the final agreement of Greece’s second bailout that steals the headlines.

Following on from our note on the Moody's rating actions, we commented that there were a lot better relative value opportunities in the £ fixed income sector compared to gilts.

The St Valentines’ gift from Moody’s was not what Europe would have wished for.

The ECB announced yesterday that it is giving seven Eurozone central banks the power to accept a wider range of collateral in the forthcoming LTRO, despite concerns voiced by the Bundesbank

Yesterday, Moody’s published its monthly default study for January.

Without doubt the on-going saga of Greece trying to reach an agreement with private creditors on a voluntary debt-haircut remains the major driver of market sentiment.

Whilst risk assets have enjoyed a very strong January, there has been one very notable exception. Portugal.

This week markets in general have taken a pause to catch their breath - not only from the rally from New Year, but also to digest news flow from the ECOFIN meetings and the Davos summit.

Yesterday, the International Monetary Fund published its January World Economic Outlook (WEO) Update.